Elon Musk's Xai Valued At $50 Billion

11/23/2024 6:41:48 AM

(MENAFN- Baystreet) xAI, the artificial intelligence (A.I.) start-up company led by Elon Musk, has been valued at $50 billion U.S. in its latest funding round.
The company, which is involved in developing generative A.I., raised a total of $5 billion U.S. in its latest funding round based on a valuation of $50 billion U.S.
The new valuation is more than twice the $24 billion U.S. that xAI was valued at this spring when it raised $6 billion U.S. in funding.
Qatar's sovereign-wealth fund and investment firms Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz each participated in the new funding round.
Interest in companies run by Elon Musk, which also include SpaceX and electric vehicle maker Tesla (TSLA), has increased since Donald Trump won the U.S. presidential election.
Musk was one of Trump's biggest donors and supporters and is now involved with Trump's White House transition team.
xAI, which was launched in July 2023, said it plans to use the $5 billion U.S. that it raised to buy 100,000 Nvidia (NVDA) microchips that are used to train it's A.I. models.
xAI's main product is its“Grok” chatbot, which is available to premium subscribers of Musk's social media platform X, formerly Twitter.
xAI is expected to debut the third version of its Grok chatbot this December.
A privately held company, xAI's stock does not trade on a public exchange.

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